Debt Support Service – Say “No” to debts!

By June 30, 2020Dining
Best Debt Management Company in the UK

Trying to settle all the outstanding debt you have on credit cards, mortgages and personal loans, as well as meeting all your expenses can be overwhelming. The increasing interest rate on debt can become crippling, leaving you frustrated and spiraling further into debt. Though it might be very hard to eliminate debt, with strong determination and an abundance of patience, it is possible. One of the options available and on hand to help you become debt free is via a consultation service from one of the debt management companies in the UK. They can help you in managing and paying off your debts, and not having to face your debts alone. They usually charge a fee for their services, but only when they can promise results which in turn will lower your debt.

Best Debt Management Company in the UK


What do UK debt management companies do?

Debt management companies UK help you coordinate and negotiate with your creditors in an affordable way so that you can pay off your outstanding debts. They will identify and calculate all your necessary expenses and then zero in on the amount that you can afford each month to service your debts. The best possible option to help you pay off your debts is then discussed and an action plan is drawn up. Debt Support Service is one of the leading debt management companies UK. We aim to help people who are trying to get a handle on their finances and debts problems. Our fully trained and skilled experts are perfectly placed to help you find the right solution to clear your debts.


Do debt management companies in the UK charge a fee?

There are certain debt management companies UK who charge a fee and some who provide their services free of cost. The fee paying companies will subtract their fee from your monthly payment before the remainder is passed on to your creditors. It should usually be between 10% – 15% of your monthly payment. Non-fee paying companies do also exist and in their case 100% of your monthly payment is passed on to your creditors to service your debts. They receive their fee or are funded by the creditors. Debt Support Service does not charge its customers for debt advice and organise and administer debt management plans without cost.

How do debt management companies UK help?

Debt management companies UK offer debt management plans in the UK as a solution for people who are struggling with debts of an unsecured nature. They organise your expenses, saving you the trouble of being contacted by each and every creditor, month on month, by creating a plan that you can adhere to and work your way towards paying off your outstanding debt.

What is a debt management plan UK?

A debt management plan UK is an informal agreement between you and your creditors to pay off all of your debts. It is a form of repayment plan, set up and managed by debt management companies in the UK. In a debt management plan UK, you make monthly payments to a debt management company that in turn distributes it amongst your creditors. With a debt management plan UK you can lower the interest rate that you’re paying, sometimes even reducing it to nil.

How long does a debt management plan UK last?

A debt management plan UK can last as long as 10 years. However it can be much less than that, depending on how much debt you have and how much you can afford to pay every month.

Is a debt management plan suitable for me?

A debt management plan UK is a good solution for you if :

  • You have an excess amount of money leftover after you have paid expenses such as; food, rent, bills etc, and you have priority debts such as a mortgage. There is no minimum or maximum level of debt to apply for a DMP. However, you will need to pay a minimum of £5 per month towards your debt each month.
  • You have large unsecured debts to pay. Secured debts cannot be paid via a debt management plan UK.
  • Your credit score has suffered from missed payments.
  • You need that extra bit of help and receive support and assistance from financial educators and counsellors in breaking old habits and sticking to your new goals.

So if you think a debt management plan UK is the right option for you and it meets your specific needs, then contact Debt Support Service today. Our experts will work out a budget with you and fix your debt problems for a future free of debt.